RCW 31.24.210
Mergers or consolidations—Application—Approval.
(1) Subject to written approval of the director, one or more general business development companies may merge into or consolidate with each other consistent with *chapter 30.49 RCW.
(2) Upon ninety days advance application to and written approval of the director, a historic business development company may convert its charter to that of a general business development company. An application for conversion shall contain a cover letter requesting conversion, the proposed articles of amendments and bylaws amendments, a modified business plan, and other relevant information in form and substance similar to the requirements of a de novo application for a general business development company as provided in RCW 31.24.020. In making a determination of whether to approve or deny such a conversion, the director shall consider:
(a) The historic performance and safety and soundness of the historic business development company;
(b) Whether the conversion to a general business development company will have a likelihood of continuing to fulfill the purposes of this chapter;
(c) Whether the applicant will have a likelihood of remaining safe and sound as a general business development company and pursuant to its proposed modified business plan; and
(d) Whether the proposed conversion would serve, or otherwise not detract from, the needs and convenience of the community served by the business development company.
[ 2006 c 87 § 23.]
NOTES:
*Reviser's note: Chapter 30.49 RCW was recodified as chapter 30A.49 RCW pursuant to 2014 c 37 § 4, effective January 5, 2015.
Structure Revised Code of Washington
Title 31 - Miscellaneous Loan Agencies
Chapter 31.24 - Industrial Development Corporations.
31.24.005 - Findings—Declarations—Intent.
31.24.020 - Application—Contents—Articles of incorporation—Fees—Initial capital—Approval.
31.24.023 - Filing articles of incorporation—Receipt of certificate of authority.
31.24.025 - Fees—Director's discretion.
31.24.066 - Plan of assessment—Purpose—Requirements—Approval.
31.24.070 - Powers of stockholders—Voting rights—Proxy voting—Plan of assessment—Dividends—Rules.
31.24.073 - Aggregate limit on loans and investments—Single borrower or business.
31.24.075 - Insider transactions.
31.24.080 - Amendment of articles of incorporation—Director's approval—Filing.
31.24.090 - Board of directors—Officers and agents—Powers—Election—Meetings.
31.24.100 - Minimum capital, surplus, undivided profits, and net earnings.
31.24.110 - No receipt of money on deposit.
31.24.120 - Examinations by director of financial institutions—Reports—Authority of director.
31.24.130 - First meeting—Notice—Duties of incorporators.
31.24.140 - Duration of business development company.
31.24.150 - Dissolution—Method—Distribution of assets.
31.24.160 - Credit of state not pledged.
31.24.170 - Business development companies designated state development companies.
31.24.200 - Insolvency and liquidation—Chapter 30.44 RCW.
31.24.205 - Supervisory direction and conservatorship.
31.24.210 - Mergers or consolidations—Application—Approval.
31.24.220 - Confidentiality and disclosure—Examinations.